Business
Vallibel Finance profits soared in June quarter on new loans
Vallibel Finance PLC reported higher top and bottom line performances for the three months ended in June (1Q22), aided by higher loans, margin improvement and lower credit costs from the same period in 2020, showing that the company was able to successfully manage the challenges stemming from the pandemic.
Vallibel Finance reported earnings of Rs.38.70 a share or Rs.569.5 million for the quarter under review, compared to earnings of Rs.11.75 a share or Rs.172.9 million in the corresponding period in 2020, when the virus-induced lockdowns had a deeper bearing on the company.
The company reported a net interest income of Rs.1.28 billion for the three months, up by a robust 56.8 percent from the same period in 2020, reflecting that the company had its loan book ticking, despite the economic restrictions, while the repricing of its deposits under low interest rates stretched its margins as seen from the 22.5 percent drop in interest expense.
This is despite the company mobilising fresh deposits worth of Rs.2.09 billion to Rs.34.26 billion.
Meanwhile, the company, with assets of Rs.57.39 billion, gave loans worth of Rs.1.79 billion, logging a robust 5.3 percent growth for the quarter while its leases grew by Rs.200 billion, translating into a 1.5 percent growth.
Further, the company largely maintained its asset quality at much better levels than the industry average, with a gross non-performing loans ration at 4.74 percent by June-end, whereas the industry ratio was at 11.30 percent as of March 2021, according to the latest industry data available.
Meanwhile, the company provided Rs.119.27 million for possible loan defaults and other losses, significantly down from Rs.203.28 million in the year earlier period, in a reflection that the economic hardships confronted by its borrowers weren’t as worse as at the beginning of the pandemic in 2020.
The company also provides a proxy for how the medium to large-scale licensed finance company sector fared amid the third wave of the pandemic.
The stronger earnings propelled the company’s return on equity, the widely watched gauge for industry attractiveness for its shareholders to an annualised 27.46 percent by June-end, compared to 23.57 percent three months ago.
The company’s capitalisation levels and the liquidity level remain above regulatory minimums and adequate enough to sustain the growth momentum.
Vallibel Investments Private Limited, the investment vehicle of billionaire businessman Dhammika Perera, together with him held a 73 percent stake in Vallibel Finance by June-end.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
